Axi’s Standard Account type has no commissions and spreads from 1.1 pips EURUSD while the Pro trading account commissions of $7.00 and spreads from 0.0 pips EURUSD. Axi (AxiTrader) is a MetaTrader 4 trading platform specialist provider with no minimum deposits and a good choice of CFDs.
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Wonder how Aix accounts differ? We compare Pro vs Standard Accounts.
Axi (formally AxiTrader) is an Australian forex broker regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) in the UK and the Dubai Financial Services Authority (DFSA). The forex broker offers two main account types, a Standard account where commission fees are included in the spread, as well as a Pro account that provides access to ECN-like tight spreads that carry a round trip commission fee.
Regardless of your chosen Axi account type, Axi customers using MetaTrader 4 (MT4) can access a good choice of CFD markets including Forex, Commodities, Indices and Cryptocurrencies. When developing CFD trading strategies, Axi clients can utilise a range of sophisticated technical analysis and trading tools available on the MT4 trading platform such as Expert Advisors, Trading Signals and Autochartist.
Read on to find out more about the account types, trading tools and product range Axi offers.
The overall rating is based on review by our experts
Axi’s standard account type is excellent for those new to trading and wanting a simplified pricing structure. Forex traders gain access to spreads that are inclusive of commission, avoiding any need for complicated commission fee calculations.
When compared to other forex brokers, Axi’s all-inclusive, no commission spreads are competitive. For currency pairs such as the EUR/USD, EUR/JPY and USD/JPY, Axi customers gain access to commission-free average spreads of 1.20 pips, with AUD/JPY and EUR/GBP spreads averaging 1.40 pips. In comparison to top forex brokers, Axi’s tight standard spreads can only be beaten by Pepperstone in the EUR/USD and AUD/JPY forex markets.
Data taken from broker website. Accurate as at 04/06/2021
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Rather than receiving compensation through wider forex spreads, Axi’s Pro Account provides access to tight spreads as low as 0.0 pips with traders paying a flat rate, round-trip commission fee.
While the forex broker promotes spreads as tight as 0.0 pips for major currency pairs, generally average spreads are between 0.20 pips and 0.45 pips for major fx pairs. Axi has its strengths in the EUR/GBP market, offering lower average spreads than Pepperstone of 0.40 pips. Unfortunately, for those wanting to focus on the most commonly traded currency pair, the EUR/USD average spreads are significantly higher with Axi than other brokers such as FP Markets that offer 0.10 pips.
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As traders gain access to institutional grade spreads with no markups, Pro Account holders pay flat-rate commission charges as compensation for the forex brokers service. Commission charges for Axi Pro account holders will vary by region:
As the forex broker is not a market maker and offers no dealing desk (NDD) interference, Axi Pro Account holders can trade as some of the tightest spreads offered to retail investor accounts. Axi is able to offer institutional grade spreads due to the broker’s pool of top-tier liquidity providers. Multiple pricing sources allow Axi customers to gain access to the best bid-ask prices available in the retail forex market.
With tight spreads as low as 0.0 pips, Axi’s Pro Account provides an ECN trading experience suited to day trading, scalping and Expert Advisor (EA) trading strategies.
While the commission and the spreads are the main factors that distinguish each account, both accounts have useful features common to both.
Leverage in the UK, Europe, Australia and Dubai starts at 30:1 (3.3%) for major forex pairs and 20:1 (5% margin) for minor and exotic fx pairs.
To start trading forex with Axi, no initial minimum deposit is required to open a Standard, Pro or Islamic Account type however to open your position you will need to satisfy margin requirements. Trading accounts can be established in one of the following base currencies:
When you trade forex currency pairs, you have a choice of micro-lots (1000 units), mini-lots (10,000 units), standard-lots (100,000 units). Not all brokers allow trading with mini lots, but Axi does. Smaller lot sizes allow you to control your level of risk without having to sacrifice more of your own capital to meet margin requirements.
Most forex brokers offer forex pricing to the 4th digit. Axi offer pricing to the 5th digit. Quoting to the 5th digit means greater transparency and better fill when you take your position. When you are trading large volumes of money, taking your quotes to the 5th decimal can make a significant difference.
A 30-day demo account is available for both accounts. A demo account is useful for beginner traders who would like to practice their trading skills before committing their own money. Experiences traders may also benefit from a demo account, as they can use them to test trading strategies before using them in the market.
If you are in Europe or the UK, then your liking to be trading with AxiCorp Limited, which is the UK arm of Axi. FCA regulation requirements mean retail traders will get automatic guaranteed negative balance protection. This type of protection ensures your account balance does not go below zero in event of unexpected losses. As professional traders can trade with higher leverage, professional traders will not have guaranteed protection.
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Axi is a great broker for forex traders of the Muslim faith as they offer a swap-free account that follows Islamic finance requirements. With Standard and Pro account, holders pay an administrative fee for a position open longer than 6 nights. This administrative fee replaces swap charges as Sharia law does not allow Islamic traders to pay or receive payments in the form of interest.
Axi’s swap-free Islamic accounts are easy to open via their standard online application process. Proof of religion will be required, which can be obtained from you.
To start trading forex with Axi, no initial minimum deposit is required to open a Standard, Pro or Islamic Account type. Trading accounts can be established in one of the following base currencies:
The broker provides a good range of methods to deposit and withdraw funds free of charge. Traditional payment methods such as bank transfers, bank wires, debit cards and credit cards (Visa, Mastercard and China Union Pay) can be used to make deposits and withdrawals. If customers prefer to transfer funds via e-wallet services, Neteller, Moneybookers, Bpay, WeChat, Skrill and POLi are offered by Axi, although available base currencies vary between payment methods.
US Dollar (USD), Australian Dollar (AUD), Canadian Dollar (CAD), Swiss Franc (CHF), Euro (EUR), Great British Pound (GBP), Hong Kong Dollar (HKD), Japanese Yen (JPY), New Zealand Dollar (JPY), Singapore Dollar (SGD)
With their motto ‘One Platform’, Axi facilities the use of trading on any device. Axi’s primary trading platform offering for retail traders is MetaTrader 4 (MT4) and WebTrader. MetaTrader 4 can be downloaded for use on Windows and Mac desktop and added as an app on iOS and Android for tablet and mobile trading. WebTrader is MetaQuotes solution for using MetaTrader 4 via a web browser.
MetaTrader 4 is the most widely used forex trading platform for both traders and forex brokers worldwide. Developed by MetaQuotes in 2005, MT4 was one of the first readily available trading platforms for retail traders on the market. Unlike most trading platforms at the time, which were the proprietary property of a broker, MT4 was licenced out to all brokers and as a result free for use by traders.
Part of MT4’s appeal comes from the fact it the first mainstream platform to including an inbuilt language for scripting. MQL4 which is based on the C#/C++ language allowed traders to make use of features not previously available such as Expert Advisors for trading automation and ability the ability to write their own, buy and even sell scripts with custom signals via the large MetaTrader 4 community marketplace.
The ability to create custom indicators and signals allows users to expand on the already impressive range of features MetaTrader 4 comes with. Key among these features include charts that can support multiple timeframes, 31 technical indicators and 30 analytical objects, which means MetaTrader 4 offers a great set of tools to help you make the best trading decisions. Features of MT4 include:
Users of the MetaTrader platform will get access to MT4 NexGen which includes a range of ‘extra’ trading account tools. MT4 NexGen includes features and functionalities that give you more advanced trading tools such as economic calendars and correlation tools so you can get a richer trading experience.
To complement MetaTrader 4, Axi offers a specialist A.I. powered analytics software tool called Psyquation so you can make the best possible trading decisions. This tool is free for Axi clients.
Axi offers other leveraged CFD products in addition to Forex. Contracts for difference (CFDs) don’t work like standard assets, in the sense that you don’t own the underlying asset. Instead, you are trading the movements of the asset itself. Profits are gained when price movements go in your favour.
CFDs that Axi offer includes:
Important Note: Cryptocurrency trading is no longer available to retail traders that are registered with an FCA regulated broker. Therefore, if you want to trade crypto products, you will need to sign up for an Axi subsidiary outside of the UK.
When trading CFDs, keep in mind that they are complex instruments and trading with leverage contains high risk so trade responsibly.
Axi offers customer offer 24/5 support via live chat, phone and email for their products and includes a dedicated account manager. The customer support system has a wide range of languages, including English, Chinese, Spanish, Thai, Italian, Polish, German, Vietnamese, Japanese, Russian, Romanian, and Arabic.
Axi offers a range of free education tools across a range of sources and is designed for all traders – beginner to advanced traders. This includes video tutorials, ebooks via PDF, and website content.
One interesting education tool Axi offer is the Knightbridge Trading Academy, which is one of the leading CFD trading programs. Provided you deposit required levels of funds, Axi will allow you access to the following features for free:
Autochartist is a great tool for research. If you’re a beginner trader and don’t know how to script your own signals, then AutoTrade can be very useful.
Axi is approved and regulated by the Australian Securities & Investments Commission (ASIC) under the trading name AxiCorp Financial Services Pty Ltd. Their regulation licence number is AFSL number 318232. Their headquarters are in Sydney.
In the UK, Axi trade with the following entity AxiCorp Limited. regulation is by the Financial Conduct Authority (FCA). Their regulation licence number is FCA Reference Number 509746. Axi UK trade out of London.
In Dubai, Axi is regulated by the Financial Services Authority (DFSA).
These institutions are recognised as some of the most reliable and most effective regulators in the world, and Axi is subject to regular audits to ensure it complies. Axi keeps all its funds in different accounts, encrypts all customer information and communications.
Axi is considered one of Australia’s most popular and significant online Forex brokers offering its clients exceptional trading experience with 30:1 leverage, tight spreads, original MT4 trading platform features and most trustworthy service. The average spreads are incredibly competitive, with transparent fees structures.
Axi offers some unique tools and features such as bespoke MT4 add-ons, advanced charting, and trading tools such as AutoChartist. There aren’t too many differences between Axi Pro and their MT4 standard accounts, except for the flat rate USD 7 rate on every trade and spread from 0 pips. You can view the full Axi review here.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.